David Shennan is a senior associate and a leading lawyer in our European Finance practice.
David has significant experience acting for lenders, borrowers, issuers, financial institutions, managers, and other alternative credit providers across a broad spectrum of corporate finance transactions in domestic and overseas markets, including secured and unsecured lending arrangements; leveraged and acquisition financings; cross-border and multi-currency financings; funds finance; and debt restructurings and recapitalizations.
Prior to joining Shearman & Sterling, David was a finance associate at DLA Piper in the London office, focusing in particular on structured finance and receivables.
- Trivium Packaging, the joint venture created by Ardagh Group and Exal Corporation, in connection with its asset-based financing facilities and the unwinding of Ardagh's own receivables financing structures relating to the sale of assets to the joint venture.
- Certain lenders in connection with the restructuring of a €416 million credit facility to DTEK, Ukraine's largest energy holding company.
- An ad-hoc group of noteholders in connection with the restructuring of $600 million of indebtedness of Brunswick Rail Finance DAC, a finance vehicle of a Ukrainian rail group.
- A consortium of banks led by ABSA in connection with the restructuring of the debt facilities of the Edcon Group, a major South African retailer.
- Nokia in connection with its €1.5 billion five-year multicurrency revolving credit facility (RCF). Nokia introduced a sustainability pricing mechanism linking the margin of the RCF to two of its key sustainability targets – reduction of greenhouse gas emissions attributed to Nokia’s operations and reduction of greenhouse gas emissions attributed to Nokia’s customers’ use of Nokia’s products.
- Mubadala Investment Corporation in connection with the refinancing of the Galleria shopping mall in Abu Dhabi.
- A collective of property companies in connection with 10 bond offerings in China in Q1 2019, including offerings by CFLD (Cayman) Investment Ltd, Future Land Development Holdings Limited, New Metro Global Limited and Sunac China Holdings Limited.
- Piraeus Bank S.A. in connection with the sale of a €1.95 billion portfolio of non-performing and denounced corporate credit exposures, backed by real-estate collateral, to Bain Capital Credit LP.
- Coca Cola in connection with the €4.8 billion financing of the merger of its European bottling operations leading to the creation of Coca Cola European Partners plc (CCEP), and subsequent rationalisation of its public and internal group debt structure including an exchange offer, consent solicitation and issuer substitution.
- A leading hedge fund in connection with the financing and refinancing of a US$ 70 million credit facility relating to a Brazilian helicopter operator company.
- Eurobank Ergasias S.A. in connection with the financing aspects of its disposal of its Romanian subsidiary, including the ongoing management and servicing of certain NPL portfolios carved out of the sale and subsequent reorganisation of internal debt structure.
- Eurobank Ergasias S.A. in connection with the debt exchange offer that formed a key part of its €2.04 billion recapitalisation.
- NBG Pangaea REIC in connection with its €237.5 million securitisation of lease receivables.
- A Saudi-based investment fund in connection with the financing of its ongoing development of prime real estate assets in Knightsbridge.
- BofA Merrill Lynch, Credit Suisse and KKR as initial purchasers in connection with KIRS Group’s £806 million equivalent high yield bond offering.
- Nokia in connection with the update of its €5 billion Euro Medium Term Note Programme, the drawdown of €1.25 billion in senior notes and Nokia’s tender offer for cash for existing debt.
- J.P. Morgan in connection with Banco Comercial Português, S.A.’s (BCP) capital increase of approximately €1.33 billion by way of a rights offering.
- Citigroup, Deutsche Bank, UBS, Bank of America Merrill Lynch, and Credit Suisse as underwriters in connection with the issuance of US$260 million 7% senior notes due 2022 by Indonesia-listed PT Lippo Karawaci Tbk (Lippo Karawaci).
- Bunge Finance Europe B.V and Bunge Limited in connection with the issuance and sale of approximately €600 million aggregate principal amount of BFE’s 1.850% senior notes due 2023.
- COIMA RES S.p.A. in connection with the institutional offering and concurrent listing of its ordinary shares on the Mercato Telematico Azionario, organised and managed by Borsa Italiana S.p.A.
- Eurobank Ergasias S.A. in connection with its recapitalisation to cover the €2.04 billion capital shortfall identified by the comprehensive assessment conducted by the European Central Bank in the context of the third economic adjustment program agreed between Greece and the European Commission.
The College of Law
University of Cambridge